Japan approves self-regulation of cryptoindustry
America CAN’T Regulate BTC? Japan Approves Crypto Self Regulation | Goosebumps ERC-721s 🚀
On October 24, Japan’s chief financial regulator (FSA) granted the crypto industry self-regulatory status, allowing a local organization to exercise control over the activities of exchanges..
The Japan Virtual Currency Exchange Association (JVCEA) has been designated a Certified Dispute Resolution Business Association by the Financial Services Agency. When this the regulator allocated funds to the industry body for the development of norms and principles for the operation of internal cryptocurrency exchanges. They will be include strong measures to suppress insider trading and money laundering with the implementation of standards for protecting traders’ assets.
JVCEA still in the spring began to consolidate Japanese stock exchanges in order to to create a self-regulatory body for an industry that was then in decline following a successful cyberattack on Coincheck and stealing $ 530 million. In August, the Association applied to the FSA to consolidate its official status.. After two months of consideration, the regulator studied the activities of the organization and its reliability. Today JVCEA confirmed successful obtaining accreditation.
It is reported that the set of rules and requirements is described at 100 pages. In him besides a ban on confidential cryptocurrencies and illegal operations, it is recommended to limit the margin trading leverage to 1: 4 and the amount of funds that an investor can borrow on an initial deposit.
Japanese exchanges begin to prepare for new wave cryptocurrency hype, which the can start on December 12th. It was on this day that the world’s largest derivatives market operator Intercontinental Exchange, which owns the New York Stock Exchange, plans launch bitcoin futures on its Bakkt trading platform.